Join The Discussion

 

New retailer, restaurant coming to Sundance Square

Sundance Square announced today it is adding a new retailer and a Korean restaurant to its misx. Women’s retailer White House Black Market will open a 3,815-square-foot store at the corner of Houston

read more >

Hanover Property plans $300M Fort Worth residential development

Hanover Property Co. of Dallas has snapped up 358 acres at FM 156 Blue Mound Road and U.S. 287 in North Fort Worth for a $300 million, master-planned development.

read more >

AT&T looks to hook up Fort Worth and area cities with fast fiber network

Fort Worth and several area cities are among the 100 cities where AT&T will expand its GigaPower ultra-fast fiber network.

read more >

UT Arlington's new president sets a standard

Since taking the reins as the eighth president of the University of Texas at Arlington nearly a year ago, Vistasp Karbhari is committed to advancing the university’s national and international profile while encouraging and celebrating student, faculty and staff success.

read more >

Houston attorney gives $1M endowment to Texas A&M University School of Law

Anthony G. Buzbee and his law firm have given a $1 million endowment to the Texas A&M University School of Law in Fort Worth.

read more >

 

 

Waterside development to reshape west Fort Worth

Rendering of Waterside development 

A. Lee Graham
lgraham@bizpress.net

A mixed-use development that is expected to transform 63 acres in west Fort Worth will embrace its natural surroundings as Trademark Property Co. fulfills its latest vision.
“We believe, like the [Fort Worth] Chamber does, that business should be more than about just making money. It’s also about enhancing the community,” said Terry Montesi, chairman and CEO of Fort Worth-based Trademark, speaking at the Aug. 29 Fort Worth Chamber of Commerce luncheon at the Cendera Center.
Providing details of a project first announced in May, Montesi described the Waterside development as boasting 1.15 million square feet of retail, office, hotel and residential space, including about 300 or 400 residential units.


Consumer demand will determine whether some or all of those are apartments or townhomes, said Montesi, who discovered the property while driving his children to and from nearby Fort Worth Country Day School.
“It’s got just beautiful trees, I mean just one-of-a-kind heritage trees, great stuff,” Montesi said.
The property, purchased from Lockheed Martin Recreation Association, features about a mile and a half of Trinity River frontage. Plans call for a trail system and access for canoeing and kayaking, outdoor dining and the Trinity trails. Lockheed Martin is keeping about 16 acres, which contain two softball fields, a fitness center and sand volleyball play areas.


Convair Aircraft, which later became Lockheed Martin, leased the property for its employees in the 1950s. It was purchased by General Dynamics-Fort Worth Recreation Association in 1963 and company employees paid to use the facilities.
The property is north of Bellaire Drive, with the Clear Fork of the Trinity River to the north and west and Bryant Irvin Road to the east. The Chisholm Trail Parkway is expected to make the property more accessible when it opens in 2014. Construction on Waterside is scheduled to begin in the spring of 2014 and the development’s first phase is planned to open in early 2015.
The purchase agreement is expected to close by year’s end for property that now is worth “almost nothing,” Montesi said, because it’s owned by a nonprofit association. When the property is fully developed, Trademark expects it to be worth about $175 million.
Montesi envisions a mixed-used development “that’s socially, financially and environmentally sustainable. That’s our goal, and I think we’re going to do that.”


Providing input on that vision were the Tarrant Regional Water District, Streams & Valleys Inc. and the city of Fort Worth. They made sure Trademark’s plans were consistent with their respective vision for the area, Montesi said.
Trademark is no stranger to sprawling developments. The company, which has developed or invested in 10 million square feet valued at $1.4 billion, developed Alliance Town Center in North Fort Worth, Trinity Commons at Hulen Street and Bellaire Avenue and Watters Creek in Allen, among others.
And a Fort Worth project that some thought was abandoned is about to resurface as the WestBend development.
“We are about to restart this project,” Montesi said of the planned 275,000-square-foot mixed-use development along the east side of University Drive just north of the Fort Worth Zoo.
The 2008 recession put the project on the back burner the following year. “We stopped so we could sustain it and keep owning it,” Montesi said.
An on-site parking garage had been partly built when developers put the brakes on construction. When it opens in spring 2015, the property will have 95,000 square feet of retail and restaurants and 180,000 square feet of office space.
 

< back

Email   email
hide
Perry vs Cuomo
Texas Gov. Rick Perry has challenged New York Gov. Andrew Cuomo to a debate on economic policy. If it is held, who would win?